mom and i sold houses together for over 22 years, until she retired in 2015. i have kept on selling houses. for sellers who are moving on, and to buyers who are moving in. real estate is such a part of our daily lives, that it carries over into everything we are. and it is of interest to so many people. so i thought i would start talking. who knows...i may actually find that i have something interesting to say :) www.tkmomteam.com

Friday, March 24, 2017

How to Get the Most Money When Selling Your Home

Every homeowner wants to make sure they get the best price when
selling their home. But how do you guarantee that you receive maximum
value for your house? Here are two keys to ensuring you get the highest
price possible.

1. Price it a LITTLE LOW

This
may seem counterintuitive. However, let’s look at this concept for a
moment. Many homeowners think that pricing their home a little OVER
market value will leave them room for negotiation. In reality, this just
dramatically lessens the demand for their house (see chart below).
Instead
of the seller trying to ‘win’ the negotiation with one buyer, they
should price it so that demand for the home is maximized. By doing this,
the seller will not be fighting with a buyer over the price, but will instead have multiple buyers fighting with each other over the house.Realtor.com gives this advice:

“Aim
to price your property at or just slightly below the going rate.
Today’s buyers are highly informed, so if they sense they’re getting a
deal, they’re likely to bid up a property that’s slightly underpriced,
especially in areas with low inventory.”

2. Use a Real Estate Professional

This,
too, may seem counterintuitive, as the seller likely believes that he
or she will net more money if they don’t have to pay a real estate
commission. With that being said, studies have shown that homes
typically sell for more money when handled by a real estate
professional.Research posted by the National Association of Realtors revealed that:

“The
median selling price for all FSBO homes was $185,000 last year. When
the buyer knew the seller in FSBO sales, the number sinks to the median
selling price of $163,800. However, homes that were sold with the
assistance of an agent had a median selling price of $245,000 – nearly
$60,000 more for the typical home sale.”

Bottom Line

Price
your house at or slightly below the current market value and hire a
professional. This will guarantee that you maximize the price you get
for your house.

Wednesday, March 22, 2017

Thinking of Selling? Do it TODAY!!

That headline might be a little aggressive. However, as the data on
the 2017 housing market begins to roll in, we can definitely say one
thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“Much
of the country saw robust sales activity last month as strong hiring
and improved consumer confidence at the end of last year appear to have
sparked considerable interest in buying a home. Market challenges
remain, but the housing market is off to a prosperous start as
homebuyers staved off inventory levels that are far from adequate…”

And CNBC says consumer confidence in the economy is fueling the market:

“U.S.
home resales surged to a 10-year high in January as buyers shrugged off
higher prices and mortgage rates, a sign of growing confidence in the
economy.”

The only challenge to the market is a
severe lack of inventory. A balanced market would have a full six-month
supply of homes for sale. Currently, there is less than a four-month
supply of inventory. This represents a decrease in supply of 7.1% from
the same time last year.

Bottom Line

With
demand increasing and supply dropping, this may be the perfect time to
get the best price for your home. Let’s get together and discuss the
inventory levels in your neighborhood to determine your next steps.

Tuesday, March 21, 2017

Mortgage Rates Impact on 2017 Home Values

There is no doubt that historically low mortgage interest rates
were a major impetus to housing recovery over the last several years.
However, many industry experts are showing concern about the possible
effect that the rising rates will have moving forward.
The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are all projecting that mortgage interest rates will move upward in 2017. Increasing interest rates will definitely impact purchasers and may stifle demand.
In a recent study of industry experts, “rising mortgage interest rates, and their impact on mortgage affordability”
was named by 56% as the force they think will have the most significant
impact on U.S. housing in 2017. If rising rates slow demand for
housing, home values will be impacted.
To this point, Pulsenomics, recently surveyed a panel of over 100 economists, investment strategists, and housing market analysts, asking the question “In your opinion, at what level will the 30-year fixed rate mortgage rate significantly slow home value appreciation?” The survey revealed the following:

Bottom Line

Most experts believe that rates would need to hit 5% or above to have an impact on home prices.

Tuesday, March 14, 2017

Over Half of All Buyers Are Surprised by Closing Costs

According to a recent survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.
After
surveying 1,000 first-time and repeat homebuyers, the results revealed
that 17% of homebuyers were surprised that closing costs were required
at all, while another 35% were stunned by how much higher the fees were
than expected.

“Homebuyers reported being most
surprised by mortgage insurance, followed by bank fees and points,
taxes, title insurance and appraisal fees.”

Bankrate.com recently gathered
closing cost data from lenders in every state and Washington, D.C. to
be able to share the average costs in each state. The map below was
created using the closing costs on a $200,000 mortgage with a 20% down
payment.
Keep
in mind that if you are in the market for a home above this price
range. your costs could be significantly more. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak
with your lender and agent early and often to determine how much you’ll
be responsible for at closing. Finding out that you’ll need to come up
with thousands of dollars right before closing is not a surprise anyone
is ever looking forward to.

Wednesday, March 8, 2017

Where Are the Home Prices Heading in the Next 5 Years?

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.
Every quarter, Pulsenomics
surveys a nationwide panel of over one hundred economists, real estate
experts, and investment & market strategists about where they
believe prices are headed over the next five years. They then average
the projections of all 100+ experts into a single number.

The results of their latest survey:

Home
values will appreciate by 4.4% over the course of 2017, 3.4% in 2018,
2.8% in 2019, 2.7% in 2020, and 2.8% in 2021. That means the average
annual appreciation will be 3.22% over the next 5 years.
The
prediction for cumulative appreciation fell from 21.4% to 17.3% by
2021. The experts making up the most bearish quartile of the survey are
projecting a cumulative appreciation of 6.3%.

Bottom Line

Individual opinions make headlines. We believe this survey is a fairer depiction of future values.

The Impact of Homeownership on Family Health

“Owning
a home embodies the promise of individual autonomy and is the
aspiration of most American households. Homeownership allows households
to accumulate wealth and social status, and is the basis for a number of
positive social, economic, family and civic outcomes.”

Today,
we want to cover the section of the report that quoted several studies
concentrating on the impact homeownership has on the health of family
members. Here are some of the major findings on this issue revealed in
the report:

There is a strong positive relationship between
living in poor housing and a range of health problems, including
respiratory conditions such as asthma, exposure to toxic substances,
injuries and mental health. Homes of owners are generally in better
condition than those of renters.

Findings reveal that increases in housing wealth were associated with better health outcomes for homeowners.

Low-income
people who recently became homeowners reported higher life
satisfaction, higher self-esteem, and higher perceived control over
their lives.

Homeowners report higher self-esteem and happiness
than renters. For example, homeowners are more likely to believe that
they can do things as well as anyone else, and they report higher
self-ratings on their physical health even after controlling for age and
socioeconomic factors.

Renters who become homeowners not only
experience a significant increase in housing satisfaction but also
obtain a higher satisfaction even in the same home in which they resided
as renters.

Social mobility variables, such as the family
financial situation and housing tenure during childhood and adulthood,
impacted one’s self-rated health.

Homeowners have a significant
health advantage over renters, on average. Homeowners are 2.5 percent
more likely to have good health. When adjusting for an array of
demographic, socioeconomic, and housing–related characteristics, the
homeowner advantage is even larger at 3.1 percent.

Bottom Line

People
often talk about the financial benefits of homeownership. As we can
see, there are also social benefits of owning your own home.

Friday, March 3, 2017

Are You 1 of the 59 Million Planning to Buy This Year?

According to a survey conducted by Bankrate.com,
one in four Americans are considering buying a home this year. If this
statistic proves to be true, that means that 59 million people will be
looking to enter the housing market in 2017.

The survey also revealed 3 key takeaways:

Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)

Minorities,
particularly African-Americans, were twice as likely to respond that
they were considering purchasing a home this year than white
respondents.

Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now.

Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider homeownership:

“Having
kids and raising a family is a primary reason why Americans take the
leap into homeownership—many consider it a key component of the American
dream.”

Bottom Line

If buying a home is a part of your dream for 2017, let’s get together to determine if you are able to.

Thursday, March 2, 2017

Access: A Key Component in Getting Your House SOLD!

So, you’ve decided to sell your house. You’ve hired a real estate
professional to help you with the entire process, and they have asked
you what level of access you want to provide to potential buyers.
There
are four elements to a quality listing. At the top of the list is
Access, followed by Condition, Financing, and Price. There are many
levels of access that you can provide to your agent so that he or she
can show your home.

Here are five levels of access that you can give to buyers, along with a brief description:

Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.

Providing a Key to the Home –
although the buyer’s agent may need to stop by an office to pick up the
key, there is little delay in being able to show the home.

Open Access with a Phone Call – the seller allows showing with just a phone call’s notice.

By Appointment Only (example: 48 Hour Notice)
– Many buyers who are relocating for a new career or promotion start
working in that area prior to purchasing their home. They often like to
take advantage of free time during business hours (such as their lunch
break) to view potential homes. Because of this, they may not be able to
plan their availability far in advance or may be unable to wait 48
hours to see the house.

Limited Access (example: the home is only available on Mondays or Tuesdays at 2pm or for only a couple of hours a day) - This is the most difficult way to be able to show your house to potential buyers.

In
a competitive marketplace, access can make or break your ability to get
the price you are looking for, or even sell your house at all.

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About Me

i am a mom. and a wife. and a realtor. when i grow up i want to spend all day taking pictures and then spend all night looking at them. in the meantime, i am going to keep selling houses. for sellers who are moving on, and to buyers who are moving in. real estate is such a part of our daily lives, that it carries over into everything we are. and it is of interest to so many people. so i thought i would start talking. who knows...i may actually find that i have something interesting to say :)